President Ray Washburne of the Overseas Private Investment Corporation (OPIC) signed last Monday an agreement totaling $154 million with Grupo Q Holdings and Citi El Salvador to facilitate development of Small and Medium Enterprises (SME) in the country.
President Juan Federico Salaverría signed for Grupo Q Holdings, and CEO Ana Cristina López signed for Citi El Salvador.
The agreement is expected to have a positive impact in El Salvador through an increase in access to credit for SMEs, reducing the credit gap faced by Salvadoran entrepreneurs.
Mr. Washburne arrived in El Salvador over the weekend and flew over the eastern part of the country in a helicopter along with Ambassador Jean Elizabeth Manes. The purpose of the flight was to see the areas that have potential and investment needs in the department of La Union, where AES El Salvador is building 10 solar power plants. OPIC is supporting the power plants as part of the organization’s Northern Triangle Initiative.
At the conclusion of the visit, President Washburne and Ambassador Manes participated in a round table with Salvadoran journalists. Participants discussed OPIC’s investments in El Salvador with the goal of mobilizing private investment throughout the Northern Triangle region.
The Overseas Private Investment Corporation (OPIC) is a self-sustaining U.S. Government agency that helps American businesses invest in emerging markets.
One of OPIC’s new initiatives prioritizes the Northern Triangle, a region including El Salvador, Guatemala, and Honduras. Over the next two years, OPIC aims to catalyze $1 billion in private sector investments, which are expected to result in 10,000 new jobs for the region. These investments will foster economic growth and bolster much needed security and stability to the region.